AIB Alpha Japan investment

I was advised by AIB to borrow in Yen to invest in this fund. It turns out that it is a Euro investment so my currency losses are huge (not to mention the investment losses). I know that many AIB staff have also borrowed in Yen so I am wondering will some private deal be done to cover their exchange losses. I would love to know if any of you were familiar with this fund launced in 2007.

Hi, I'm in a similar situation to yourself I only became aware of the extent of the losses in November to my complete shock as I understood that the loan I took out in euros then was converted to yen in 2007 had to be paid back in euros in April this year , I think there is a number of people realising that they are in the same boat . Any developments since you posted this thread ...thanks

There is a solicitor in Cork preparing a file with the view to see if these investments were missold or not,around 30 people have contacted him already,if anyone here wants his contact details i can pm them.

Thanks Pat, Yes, I am aware that my legal options will be restricted which is why I am anxious to find out as much as I can about the ombudsman process. The option of paying large legal fees does not appeal to me either, a crystal ball would come in handy!

Why have you decided not to go to the ombudsman?. As far as I know the solicitor can not take a case until 2015 when the fund is due to mature. As AIB will certainly extend the closing date beyond 2015 the solicitor can not take an action until the fund matures and losses are 'realised' which could be 2020.

Hi ABank. I have been contacted by email dont know was that you. Anyway I met with a solicitors firm who are dealing with around 25 cases of this fund so it's a waiting game now to see what happens. Any developments with FSO with anyone ..

I am an Alpha Japan private investor, we are holding an investormeeting to discuss strategy this Wed in Cork. email me at diarmuidc20@hotmail.com if you would like to attend. The FSO has provided us with the opportunity to attend an oral hearing to ajudicate on what was said at the initital sales meeting. This is our and your opportunity to have this resolved now.

Hi All..I also invested 100K Euros in the AIB Alpha fund and would be very interested in knowing how the meeting went. I received a letter from AIB saying it's dropped in value to 83K or so...I wasn't invited to any sales meeting..my accountant sent someone around to my workplace and I filled out all the paperwork there and then..a great investment he said..It seems like the money's lost now..it'll go to zero..they have sent on updates over the last few years but it all went over my head..anytime I ask my accountant about it..he doesn't really want to know..I thought I was alone..didn't know anything could be done..so it was great coming across this thread..any info appreciated..thanks

I invested in the alpha japan fund too and have got nowhere with AIB. I was put in touch with a solicitor in Cork who has made good progress for me. He has an expert witness who has prepared a good report outlining AIB's failings. I can email details to anyone if you want - paul_hennessy@live.co.uk